Attached files
Exhibit 99.1
[LOGO]AEHR TEST SYSTEMS
Contact:
Gary Larson
Chief Financial Officer
(510) 623-9400 x321
AEHR TEST SYSTEMS REPORTS FINANCIAL RESULTS
FOR SECOND QUARTER FISCAL 2011
Fremont, CA (January 6, 2011) - Aehr Test Systems (Nasdaq: AEHR), a worldwide
supplier of semiconductor test and burn-in equipment, today announced
financial results for the second quarter ended November 30, 2010.
Net sales were $3.6 million in the second quarter of fiscal 2011, compared
with $1.6 million in the second quarter of fiscal 2010. Aehr Test reported
a net loss of $0.8 million, or $0.09 per diluted share, in the second quarter
of fiscal 2011. This compares to a loss of $2.2 million, or $0.25 per diluted
share, in the second quarter of fiscal 2010. Included in the results for
the second quarter of fiscal 2011 was the receipt of a dividend payment
of $0.6 million related to a long-term investment reported in other income.
Commenting on the results of the second quarter of fiscal 2011, Rhea Posedel,
chairman and chief executive officer of Aehr Test Systems, said, "At the
top line, net sales of $3.6 million more than doubled when compared to
the second quarter of last year. During the quarter, we benefitted from
the revenue recognized from previously announced orders of approximately
$2 million for multiple FOXT-1 WaferPak contactors from a leading
manufacturer of semiconductor memory devices. In addition, we recently
announced that this customer placed more orders for additional WaferPak
contactors totaling approximately $3 million. We believe these new WaferPak
orders validate the cost saving advantages of using our FOX-1 tester, which
can test a full wafer with thousands of die in a single touchdown.
"We are pleased to announce that we have completed the development and
shipped a new Advanced Burn-in and Test System (ABTST) to a major Japanese
IC manufacturer. This new ABTS system is targeting production test and
burn in of microcontrollers for automotive and high end consumer
applications. We also received an order during the quarter from a leading
U.S. military defense customer for our newly configured ABTS. This
production configuration of the ABTS system was chosen for its 72 burn-in
board capacity and its ability to burn-in and test future higher pin-count
ASIC and custom logic devices.
"Looking ahead to the second half of fiscal 2011, we are encouraged by
the increase in WaferPak contactor orders from our FOX customers and the
higher quoting activity we are seeing for our FOX and ABTS product lines.
We offer our customers unique technology with our FOX systems and WaferPak
contactors and we feel confident in our ability to win additional new
accounts with our new ABTS products that address growing market segments,"
concluded Posedel.
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Aehr Test Systems Reports Second Quarter Fiscal 2011 Results
January 6, 2011
Page 2 of 5
Net sales were $5.7 million in the first six months of fiscal 2011 compared
with $2.9 million in the first six months of fiscal 2010. Net loss for
the six months ended November 30, 2010 was $2.3 million, or $0.26 per diluted
share, compared with net loss of $1.2 million, or $0.14 per diluted share,
in the same period of the prior fiscal year.
Aehr Test closed the second quarter of fiscal 2011 with no outstanding
debt.
Management Conference Call
Management of Aehr Test will host a conference call and webcast today,
January 6, 2011 at 5:00 p.m. Eastern (2:00 p.m. Pacific) to discuss the
Company's second quarter fiscal 2011 operating results. The conference
call will be accessible live via the internet at www.aehr.com. Please
go to the website at least 15 minutes before start time to register, download
and install any necessary audio software. A replay of the webcast will
be available at www.aehr.com for 90 days.
About Aehr Test Systems
Headquartered in Fremont, California, Aehr Test Systems is a worldwide
provider of systems for burning-in and testing DRAMs, flash and other memory
and logic integrated circuits and has an installed base of more than 2,500
systems worldwide. Aehr Test has developed and introduced several
innovative products, including the ABTS, FOX and MAX systems and the DiePakr
carrier. The ABTS system is Aehr Test's newest system for packaged part
test during burn-in for both low-power and high-power logic as well as
all common types of memory devices. The FOX system is a full wafer contact
test and burn-in system. The MAX system can effectively burn-in and
functionally test complex devices, such as digital signal processors,
microprocessors, microcontrollers and systems-on-a-chip. The DiePak
carrier is a reusable, temporary package that enables IC manufacturers
to perform cost-effective final test and burn-in of bare die. For more
information, please visit the Company's website at www.aehr.com.
Safe Harbor Statement
This release contains forward-looking statements that involve risks and
uncertainties relating to projections regarding revenues, net sales and
customer demand and acceptance of Aehr Test's products. Actual results
may vary from projected results. These risks and uncertainties include
without limitation, world economic conditions, the state of the
semiconductor equipment market, the Company's ability to maintain
sufficient cash to support operations, acceptance by customers of Aehr
Test's technologies, acceptance by customers of the systems shipped upon
receipt of a purchase order, the ability of new products to meet customer
needs or perform as described and the Company's development and manufacture
of a commercially successful wafer-level test and burn-in system. See
Aehr Test's recent 10-K, 10-Q and other reports from time to time filed
with the U.S. Securities and Exchange Commission for a more detailed
description of the risks facing our business. The Company disclaims any
obligation to update information contained in any forward-looking statement
to reflect events or circumstances occurring after the date of this press
release.
[Financial Tables to Follow]
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Aehr Test Systems Reports Second Quarter Fiscal 2011 Results
January 6, 2011
Page 3 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
------------------ -----------------
2010 2009 2010 2009
-------- -------- -------- --------
Net sales............................. $3,577 $ 1,646 $ 5,746 $ 2,914
Cost of sales......................... 2,223 1,297 3,448 2,622
-------- -------- -------- --------
Gross profit.......................... 1,354 349 2,298 292
-------- -------- -------- --------
Operating expenses:
Selling, general and administrative. 1,495 1,623 3,013 2,936
Research and development............ 1,196 1,077 2,338 2,019
Gain on bankruptcy claim............ -- -- (155) (3,289)
-------- -------- -------- --------
Total operating expenses.......... 2,691 2,700 5,196 1,666
-------- -------- -------- --------
Loss from operations.............. (1,337) (2,351) (2,898) (1,374)
Interest income....................... 1 2 3 3
Other income, net..................... 579 26 623 12
-------- -------- -------- --------
Loss before income tax
expense (benefit)................. (757) (2,323) (2,272) (1,359)
Income tax expense (benefit).......... 10 (165) 11 (162)
-------- -------- -------- --------
Net loss.......................... $ (767) $(2,158) $(2,283) $(1,197)
======== ======== ======== ========
Net loss per share
Basic............................. $(0.09) $ (0.25) $ (0.26) $ (0.14)
Diluted........................... $(0.09) $ (0.25) $ (0.26) $ (0.14)
Shares used in per share calculations:
Basic............................. 8,731 8,526 8,699 8,504
Diluted........................... 8,731 8,526 8,699 8,504
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Aehr Test Systems Reports Second Quarter Fiscal 2011 Results
January 6, 2011
Page 4 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
November 30, November 30,
------------------ -----------------
2010 2009 2010 2009
-------- -------- -------- --------
GAAP net loss.............................. $ (767) $(2,158) $(2,283) $(1,197)
Gain on bankruptcy claim1.................. -- -- (155) (3,289)
Stock compensation expense................. 238 780 512 1,085
-------- -------- -------- --------
Non-GAAP net loss.......................... $ (529) $(1,378) $(1,926) $(3,401)
======== ======== ======== ========
GAAP net loss per diluted share............ $ (0.09) $ (0.25) $ (0.26) $ (0.14)
======== ======== ======== ========
Non-GAAP net loss per diluted share........ $ (0.06) $ (0.16) $ (0.22) $ (0.40)
======== ======== ======== ========
Shares used in diluted shares calculation... 8,731 8,526 8,699 8,504
======== ======== ======== ========
_____________________________________________________________________________
1 The Company filed claims in the Spansion U.S. and Spansion Japan
bankruptcy actions. In the first quarter of fiscal 2010, the Company
sold a portion of its Spansion U.S. bankruptcy claim to a third party
for net proceeds of approximately $3.3 million and recorded the amount
as a reduction of operating expenses. In the first quarter of fiscal
2011, the Company's Japanese subsidiary received approximately $155,000
in proceeds from the Spansion Japan bankruptcy claim and recorded the
amount as a reduction of operating expenses.
Non-GAAP net income is a non-GAAP measure and should not be considered
a replacement for GAAP results. Non-GAAP net income is a financial measure
the Company uses to evaluate the underlying results and operating
performance of the business. The limitation of this measure is that it
excludes items that impact the Company's current period net income. This
limitation is best addressed by using this measure in combination with net
income (the most comparable GAAP measure).
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Aehr Test Systems Reports Second Quarter Fiscal 2011 Results
January 6, 2011
Page 5 of 5
AEHR TEST SYSTEMS AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
November 30, May 31,
2010 2010
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 5,060 $ 7,766
Accounts receivable, net............................ 1,508 596
Inventories ........................................ 4,253 3,635
Prepaid expenses and other ......................... 184 445
----------- -----------
Total current assets ........................... 11,005 12,442
Property and equipment, net .......................... 1,221 1,504
Other assets.......................................... 540 528
----------- -----------
Total assets ................................... $12,766 $14,474
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable ................................... $ 946 $ 703
Accrued expenses ................................... 1,336 1,626
Deferred revenue ................................... 183 286
----------- -----------
Total current liabilities ...................... 2,465 2,615
Income tax payable.................................... 298 298
Deferred lease commitment ............................ 260 280
----------- -----------
Total liabilities .............................. 3,023 3,193
Shareholders' equity ................................. 9,743 11,281
----------- -----------
Total liabilities and shareholders' equity ..... $12,766 $14,474
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